| A market share battle between Russia and Opec oil producers in Europe is intensifying as Iraq has overtaken Saudi Arabia as the second largest seller there and Iran has already lined up buyers for its crude for when sanctions are lifted. The International Energy Agency cited market sources on Friday as saying Tehran would be able to sell at least an extra 400,000 barrels per day (bpd) to buyers in Asia and Europe when the sanctions are lifted.
Customers would include refiners in Italy, Greece and Spain who prefer to use Iranian crude as their baseload feedstock. "For this reason, producers are likely to grow still more competitive on pricing," the IEA said. Russia has gained market share from Opec in many Asian markets thanks to a pipeline to the Pacific and China...............................................Full Article: Source
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